DECORATIVE ACCESSORIES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
Global Decorative Accessories Market is estimated to be valued at USD 737.21 Bn in 2024 and is expected to reach USD 1,091.34 Bn by 2031, growing at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2031.
Decorative accessories refer to embellishments and accent pieces used to enhance the visual appeal and aesthetics of indoor and outdoor spaces. They include items such as picture frames, wall arts, mirrors, candles, pillows, rugs, curtains, and lighting fixtures. The global decorative accessories market has witnessed steady growth in recent years driven by factors such as rising consumer spending on home décor and renovation, increasing construction activities of commercial and residential buildings, and growing popularity of e-commerce retail platforms for purchase of home décor items. However, volatile costs of raw materials coupled with risks of counterfeit products pose challenges for manufacturers. Nevertheless, the market is expected to attract higher investments towards development of innovative and sustainable decorative products in line with evolving consumer preferences.
Market Dynamics
The global decorative accessories market is driven by growing consumer inclination towards home décor and renovation. Especially post pandemic, homeowners are focusing more on making interior spaces attractive and comfortable for extended indoor activities. Furthermore, rapid urbanization along with rising disposable incomes in developing nations has boosted residential construction sector which in turn augments the demand for decorative accents. E-commerce has emerged as a lucrative sales channel for decorative products offering convenience of online shopping to customers. Key players are expanding their presence on e-commerce platforms to boost revenues. However, price fluctuations in raw materials like leather, wood, and metals pose major challenge for manufacturers in terms of maintaining profit margins. Furthermore, availability of low-quality counterfeit products in the market also restricts the overall growth. The market provides opportunities for players to capitalize on the growing popularity of sustainable and eco-friendly decorative items made from recycled or natural materials.
Key features of the study:
- This report provides in-depth analysis of the global decorative accessories market, and provides market size (US$ Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year.
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
- It profiles key players in the global decorative accessories market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
- Key companies covered as a part of this study include Berkshire Hathaway Inc, Lowes Companies, Inc, Mohawk Industries Inc, Armstrong World Industries Inc, Forbo Holding AG, IKEA Holdings B.V., Herman Miller, Inc, Ashley Furniture Ltd, Kimball International Inc, Home Depot Inc.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
- The global decorative accessories market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global decorative accessories market.
Market Segmentation
Market Segmentation
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